Test 3

Question 1

Fair Share

Answer 1

To a player, a share that in that player’s opinion is worth at least 1/N of the total value of the assets

Question 2

Fair Division Method

Answer 2

A procedure that guarantees as its outcome a fair division of the assets

Question 3

Discrete Fair Division

Answer 3

A division involving assets consisting of indivisible objects or objects that can only be divided up to a point

Question 4

Lone Divider method

Answer 4

N players (N> or =2); the single divider cuts the assets into N shares; the other declare which shares they consider to be fair.

Question 5

Method of sealed bids

Answer 5

Each player bids a dollar value for each item with the item going to the highest bidder; the other payers get cash from the winning bid for their equity on the itme.

Question 6

Method of Markers

Answer 6

Each player bids on how to split an array of the items into N section; the player with the “smallets” bid for th efirst section gets it; among the remaining palyers, the player with the “smallest: bid for the second section gets it, and so on until every player gets one of his or her sections

Question 7

Cooperation assumption

Answer 7

The players are willing participants and accept the rules of the game as binding. The rules such that a finite number of moves by the players, the game terminates with a division of the assets.

Question 8

Symmetry Assumption

Answer 8

Players have equal rights in sharing the assets

Question 9

Term

Answer 9

The individual numbers in a sequence

Question 10

Recursive Formula

Answer 10

For a sequence, a formula that gives the Nth term of the sequence as a function of other terms of the sequence.

Question 11

Arithmetic Sequence

Answer 11

A sequence of the form Po, po+d, Po+2d, Po+3d…..

Question 12

Geometric Sequence

Answer 12

A sequence of the form Po,, R Po,R to the 2nd power Po, R to the 3rd power Po…….

Question 13

Carrying Capacity

Answer 13

The maximum number of individuals of a given species that a habitat can carry

Question 14

Common Ratio

Answer 14

The constant ration R between successive terms of a geometric sequence

Question 15

Principle

Answer 15

The sum of money lent by a lender to a borrower

Question 16

Interest Rate

Answer 16

The rate paid by the borrower to the lender for the use of the principal for a specific unit of time or time period

Question 17

Repayment Schedule

Answer 17

A schedule agreed upon by lender and borrower for the repayment of a loan

Question 18

Bond

Answer 18

A type of investment in which an individual lends money to a government agency or corporation for a fixed period of time.

Question 19

Annual Compounding Formula

Answer 19

F=P(1+r)to the power of t, where r is the APR expressed as a decimal and t is the whole number of years in the term of the loan.

Question 20

Continuous Componding

Answer 20

Interest compounded infinitely often over infinitely small compounding periods.

Question 21

Fair Division

Answer 21

A division of the assets that gives each player a fair share.

Question 22

Continuous Fair-Division

Answer 22

A division involving assets that can be divided infinite ways and by making arbitrarily small changes.

Question 23

Divider chooser method

Answer 23

Two players; one cuts the assets into two shares, and the other one chooses one of the shares.

Question 24

Lone Chooser method

Answer 24

N players; all but one player divide the assets fairly among themselves, and each then divides his or her share into N sub-shares; the remaining player picks one sub-share from each divider

Question 25

Reverse Auction

Answer 25

An auction in which the item being auctioned is a job or chore; the lowest bidder gets the amount of his or her bid as payment for doing that job or chore.

Question 26

Rationality Assumption

Answer 26

Each player is a thinking, rational entity seeking to maximize his or her share of the assets based on reason alone.

Question 27

Privacy Assumption

Answer 27

Players have no useful information on the other player’s value system

Question 28

Sequence

Answer 28

An ordered, infinite list of numbers

Question 29

Explicit Formula

Answer 29

For a sequence, a formula that gives the Nth term explicitly without the use of other terms.

Question 30

Linear Growth

Answer 30

A model of population grown based on the recursive rule PN= P N-1 + d, where R is a non-negative constant.

Question 31

Exponential growth

Answer 31

A model of population growth based on the recursive rule PN= RP N-1, where R is a non-negative constant.

Question 32

Logistic Growth

Answer 32

A model of population growth based on the logistic equation.

Question 33

Common Difference

Answer 33

The constant difference d between successive terms in an arithmetic sequence.

Question 34

Percentage

Answer 34

A rate or proportion per 100.

Question 35

Interest

Answer 35

The price the borrower pays for the use of the lender’s money.

Question 36

Annual Percentage Rate

Answer 36

An annual interest rate expressed as a percentage of principal.

Question 37

Simple Interest

Answer 37

In each time period, the interest is applied only to the principal.

Question 38

Compound interest

Answer 38

In each time period the interest is applied to the principal and the previously accumulated interest.

Question 39

Rule of 72

Answer 39

A basic rule of thumb for estimating the length of time it takes to double under a fixed APR compounded annually.

Question 40

Amortization

Answer 40

The process of paying off a loan by making regular installment payments.